Bloomberg Daybreak: Europe Edition Market Meltdown Deepens, Tariff Carnage Spreads & Trump Digs In (UPDATE)
Apr 7, 2025
European stocks took a significant hit as anxiety over Trump’s tariffs drove markets to their lowest since December 2023. Despite investor turmoil, the President and his team remained bullish, claiming a boom is on the way. Tensions with China complicated the potential sale of TikTok, while prominent investors criticized the tariff strategy. UK Prime Minister Starmer promised support for businesses amid these challenges, as finance ministers from Italy and Spain urged caution in response to the U.S. tariffs, highlighting growing divisions within the EU.
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Global Market Meltdown
- Global equities plummeted due to fears of Trump's tariffs causing a global recession.
- European and Asian shares opened sharply lower, with the Nikkei entering a bear market.
Trump Defends Tariffs
- President Trump defended his tariff plan, dismissing investor fears.
- He insisted on eliminating trade deficits as a condition for tariff relief.
Trade Deficit Concerns
- Trump's demand for balanced trade to gain tariff relief raises concerns.
- Achieving this aim is separate from eliminating trade barriers.